You have a great product, a great idea, you could be the next Facebook you could be reading this on your mega yacht this time next year because you’re going to be big . .B I G! So why wait ‘til you’re big, why not start having all the things you need right now. I mean you really need that fancy new laptop, and a receptionist and an all singing all dancing website. Is this desk big enough? You can see where this is going? Right to the danger zone!
The slippery slope
It is easy to get caught up in wanting to have the best and latest of everything. You will feel that your business deserves this because it’s going to be such a huge success and as soon as everyone sees all the great stuff you have it will be. You will justify spending money on things using this excuse. So think back to your original business plan – did you budget for this? Did you work out that you could afford to spend this money because you would have enough sales coming in? Will you have enough sales coming in? Go back and check the numbers so you know exactly where you stand!
Even if you can afford all the things you want. Wouldn’t it be great to not have to spend all the money you have just because you can. Talk to your potential customers, find out what they really need and then you can get an idea of what you really need in order to help them.
The best thing about being small is that you are agile, you can change and adapt. So don’t be afraid to fail, to scrap things and ideas, to change direction. By listening to your marketplace you can quickly find out what will work and what will not. You will save yourself a lot of money, time and heartbreak by finding out quickly what products fly and which will fall from the sky like a lead balloon. If you try something out and realise after a few weeks it doesn’t work, don’t lose yourself in despair, congratulate yourself on working this out before you spent months of hard work or thousands of dollars! If you build things based on actual customer responses (they loved it AND bought it – or they didn’t) then you have a solid foundation for your vision.
Then you can go out and do a little dance in your clever clogs!